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2025-10-28 21:46:48
[Market Breathes Breath Ahead of Tech Giants' Earnings Reports, Expectations of Rate Cuts Dominate Fund Flows] ⑴ Global stock markets paused their rally near record highs, with S&P 500 and Nasdaq futures slightly higher and the European STOXX 600 index retreating 0.2% from its all-time high. ⑵ The market focused on the Federal Reserve's interest rate decision, with the 10-year Treasury yield falling to 3.99%, fully pricing in a 25 basis point rate cut. ⑶ The tech bull market faces a test with earnings reports, with giants like Microsoft and Apple needing strong results to justify current valuations. Japan's Nikkei index retreated 0.6%. ⑷ Gold prices fell below the key psychological level of $4,000 per ounce, dropping nearly 10% in six trading days, as leveraged funds accelerated their exit from crowded trades. ⑸ The US dollar index retreated to 98.74, while the yen rebounded to 152.11 against the dollar. The US Treasury Secretary met with the Japanese Finance Minister, urging prudent monetary policy. ⑹ The crude oil market fell under pressure, with Brent crude oil falling to $64.83. OPEC+ is said to be inclined to increase production slightly again at the meeting on Sunday.
